The Menlo Park company (NASDAQ: GERN) said it will concentrate on cancer treatments that could produce milestone events over the next 20 months. While researchers stress the promise of stem cells, treatments using embryonic stem cells could be several years in the future.

Geron received $6.42 million of the CIRM loan, the agency said, and repaid it in full Monday with accrued interest

“In the current environment of capital scarcity and uncertain economic conditions, we intend to focus our resources on advancing our Phase II clinical trials of imetelstat and GRN-1005,” Geron CEO John “Chip” Scarlett said in a press release.

The job cuts make up 38 percent of Geron’s workforce. It said the move will result in a one-time cash expenditure of about $5 million in the fourth quarter and another $3 million in the first half of 2012.

Geron said the 10-person spinal cord injury trial will continue but will not enroll additional patients.

Ron covers biotech, higher education & sports business.

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